UPDATE 4-Gold drifts lower in choppy trade, seeks direction


(Updates prices to New York midafternoon) By Atul Prakash LONDON, July 31 (Reuters) - Gold edged lower in afternoon trade on light profit-taking from earlier gains on Monday, and dealers said the metal would be trapped in a tight range until new leads emerged. Spot gold hit a high of $638.60 an ounce before retreating to $634.70/635.45 an ounce, off from Friday's late New York quote at $635.40/6.40. "We are going to see probably choppy but directionless trade until it becomes clear ...

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